Description

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The renaissance of Austrian economics since the seventies has led to a revival of a purely subjective pure time preference theory of interest. This theory has been developed particularly in the U.S. on the foundations of B hm-Bawerk's agio theory. The present book critically investigates in historical sequence all known versions of the subjectivist theory of interest and offers a reformulation of the theory along essentialist lines. This reformulation is in marked conformity not only with the methodological tenets Austrian subjectivists since Menger and Mises have traditionally espoused. It is also in conformity with the understanding B hm-Bawerk and Fisher had of their agio and impatience theories. This understanding formed the basis of their views on the social problems of interest.

About the Author

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The Author: Ingo Pellengahr was born in Germany in 1952. He studied economics at the University of Heidelberg/Germany and pursued postgraduate studies as an Austrian Fellow at New York University. He then held assistant teaching positions in ecnonomics at the Universities of Heidelberg and Mannheim/Germany. He received his doctorate in economics from the University of Frankfurt am Main in 1993.